The decision to take on premises, whether office, shop or industrial unit, is pivotal for the Essex based small businesses we work with. Marking the next phase of growth, and a sign of big plans for the future. Of course, none of the business owners we advise take this step lightly. But, they are often uncertain of the questions they should ask before they sign a commercial lease.
So, once you’ve made certain you can commit to the various expenses of taking on premises. Namely, annual rent, service charges, business rates and numerous other charges arising from your occupation of premises, you can begin to consider your lease seriously.
Here’s the 8 questions to ask before you sign a commercial lease:
- Is the term of the lease the right one for your business?
- What happens when the lease comes to an end?
- What happens if the business needs to move premises during the term of the lease?
- What are the repairing obligations both during the lease and at its end?
- Do you know what a break clause is and do you know how this could benefit you?
- Do you have the protection of the Landlord and Tenant Act 1954?
- If there is a rent review in the term of your lease, and if it is a fair one?
- You will be entering into repairing obligations. But do you have to simply keep in good repair, or must you also put in good repair first? What’s the difference?
It’s also important to consider that a commercial lease is usually more than 40 pages long and full of complex legal clauses that are incredibly tricky to interpret. But interpret them you must, as only then will you see their full terms and effect, and be clear on what it is you are agreeing to.
By working with a specialist commercial lease solicitor, such as TM Law, you can be confident that each of these questions, and more, will be asked. In addition, a specialist commercial solicitor will also carry out searches in relation to environmental and planning matters, leaving no stone unturned.
With these answers, you are then able to make an informed decision on the premises in question, before you sign on the dotted line.
TM LAW
COMMERCIAL LEASE CONSULTATION
Just £150+vat
Interested to find out more? Look at our recommended reads –
Finding the right commercial premises. A simple guide from StartUpDonut >>
Pitfalls you need to avoid when getting new business premises. Helpful article from ByteStart >>
About TM Law – Specialist Commercial Lease Solicitors
Based in Wickford, Essex, TM Law is a small and dedicated solicitors. With many years’ experience, helping business owners and local individuals with matters of new commercial leases & existing commercial lease reassignment, compromise agreements, employment disputes, debt collection, commercial disputes and much more.
As a specialist commercial lease solicitor, TM Laws’ knowledge of the complexities of commercial lease clauses, and the process of searches in relation to environmental matters and planning matters is second to none. An approach which is proven to deliver local businesses peace of mind and confidence in the suitability of the lease they have undertaken.
For a personal service, practical advice and help navigating the maze of your commercial lease contact us today. We offer a fair, fixed fee service and we’re always happy to help.
